First time HOME BUYERS - don't forget to file form 5405

For all of the buyers who have managed to find a home (which seems to be a great feat in this current market) and settle before the deadline of November 30th, 2009 make sure to complete FORM 5405 and submit along with your Tax return in the Spring to benefit from the $8000 credit.

Keep in mind that the credit will have to be repaid to the Federal government if the home does not remain your primary residence for three years following the purchase date.

Lastly, the credit can be claimed on a 2009 tax return, due April 15, 2010. If the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return.

Here is a link to the form needed to file the claim:
http://www.irs.gov/pub/irs-pdf/f5405.pdf

For additional reference please consult the IRS website www.irs.gov and/or your personal accountant.

Parkwood in Bethesda and Kensington, MD - Why live there?

What are key criteria that one looks for in their home search?
From experience - location is typically the most important factor for most homebuyers.

Lets talk about LOCATION

Parkwood offers affordable homes in an extremely convenient location.
As a proud resident myself, I can confidently say that Parkwood is lovely place to live. The towering trees serve as protection the charming homes that come together to form the quiet community convenient to I-495, Beach Drive, Connecticut Ave and 355. It is less than a mile walk to the metro and as well NIH. We are less than 2.5 miles from Downtown Bethesda.

There are sidewalks and paths through out the community for dog walking, exercising, biking and more. Bordering to Rock Creek Park and Beach drive – we have access to miles of parkland paths with little interruption from cars.

Though I might be a little bias – I can clearly state the facts about what makes this location so desirable. With-in a half mile of the edge of Parkwood is a newly renovated SAFEWAY grocery store, Shell Gas Station, Drycleaner, Convenience Store, Farmers Market and Hardware Store. Similarly to other neighborhoods of Kensington, Parkwood residents always are able to visit the historic town of Kensington which offers shopping and restaurants. Kensington offers the charm and conveniences of a small town with the access and accommodations of the big city.

Situated in the middle of the community is Kensington Parkwood Elementary School. With around 550 students, the school offers the quaintness that is uncommon to the county. The facility was completely renovated in 2005.

Next to location buyers typically focus on price and size.

Lets Talk PRICE and SIZE

Another key factor in narrowing down the focus amongst the vast inventory of housing is price. Homes in this neighborhood much like other communities in the area range from $450,000 all the way up to $1,300,000. The variation is price is representative of the large range in size and condition. The average original home in Parkwood was built in the 1950s to 1960s. In the last several years a few builders have torn down existing homes and built new larger ones on the existing lots. Following the trends of the lower Montgomery County many of them are Arts-n-Crafts homes. I live in one of the original cape cods of the neighborhood and love it!

To see the active listings and recent sales in the community, please click here:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=577669XOBHS&p=DE-89734667-789

The community does have an active Listserv and community website www.parkwoodresidents.org where neighbors can communicate about the latest happenings in the area. There is an optional association that Parkwood Residents can belong to with annual dues of $10. This is to cover the “beautification” of the common areas in the community. There are meetings almost every other month to discuss current events with in the community as well as issues from outside that will affect the neighborhood like the Base Realignment And Closure (BRAC) which is the reason for expansion at the Naval Hospital. The pet friendly community also hosts a Saturday Morning Dog Park at Kensington Parkwood Elementary.

ARE YOU A RESIDENT OF PARKWOOD? IF SO TELL ME WHAT YOU LIKE ABOUT LIVING HERE!

Market Update: It’s a Great Market to Sell!

If you are contemplating selling, NOW is the time. I have buyers who are actively looking but there is very little well- priced inventory on the market right now. I have clients who are interested in one particular location, and no listings have come on the market there in the last 60 days. (In fact, the number of new listings in Montgomery County for the month of August is down 10.5% from last year, according to MRIS statistics.)

I am taking a pro-active role in meeting my buyer’s demands, and have been calling owners and sending out notes to see if they are considering selling their home. It is an unusual position to be in, (a buyer’s agent soliciting listings for my client to buy) but that’s where we are in this market.

Though there is no real way to track the number of active buyers in the market, I can say based on my personal experience as well as my colleagues’ experiences that there are more buyers looking for homes right now than there are good homes. We attribute this to several factors, including the low interest rates and the $8,000 first-time homebuyer federal tax credit. Some highly qualified buyers are still trying to take advantage of this credit, but time is running out. The legislation expires on November 30, and at this writing we have no indication that Congress will extend it.

The moral of the story is, if you have been contemplating selling, now is a great time. Buyers are looking to move in before the holidays and before the tax incentive expires. A good agent will show you how to price your home well and how to stage the property so that its best features are maximized. If you don’t have a good agent but are interested in pursuing your selling options, please don’t hesitate to contact me. In today’s market your home will sell faster than you think!